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$40M fund will support South Carolina agribusinesses, expand markets for local farmers

South Carolina General Assembly funds launch of new Growing Agribusiness Fund, an initiative to benefit those getting food products from farm to table

COLUMBIA, S.C. — A new initiative is being launched by the South Carolina Department of Agriculture to help those who take the raw materials of locally grown fruits and vegetables, meats and seafood products and bring them to market through supply chain methods of processing, manufacturing, packaging, distribution, storage, and transportation. 

The Growing Agribusiness Fund (GAF) has been given $40 million by the SC General Assembly to start the process of helping existing South Carolina businesses and, in turn, expanding opportunities for the state's farmers.

“This fund will be significant in opening up new opportunities for South Carolina farmers and agribusinesses,” said Commissioner of Agriculture Hugh Weathers. “I applaud the General Assembly for investing in the future of agriculture in our state in such a meaningful way.”

One of the goals of GAF is to attempt to expand in-state production and distribution of agribusiness products. Currently the state imports $11.7 billion in out-of-state agribusiness products, according to a 2022 study by University of South Carolina's Darla Moore School of Business research economist Joey Von Nessen. If that amount of agribusiness went from out-of-state to in-state, it would increase the total value of South Carolina's agribusiness by 23 percent.

The South Carolina Department of Agriculture gave some examples of potential projects that could take advantage of GAF:

  • Increasing the capacity of a vegetable canning operation with additional equipment
  • Expanding an in-state seafood processor to capture more local seafood production
  • Modernizing a poultry processing plant to improve efficiency, in turn increasing demand for locally grown feed and creating opportunities for poultry growers
  • Helping an existing packaging business open a second facility to produce a new line of sustainable food packaging

Agribusinesses that are considering expanding and investing at least $3 million in their current location or establishing an additional location in South Carolina are encouraged to contact the South Carolina Department of Agriculture to discuss their project and whether they qualify for the Growing Agribusiness Fund or another program.

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